Meggitt down as dividend cancelled

Shares in FTSE 100 engineering group Meggitt Group (LON:MGGT) fell 6.79% to 314.50p (as of 10:55 GMT) after the board withdrew its recommendation to pay a final dividend. The company made the decision after carrying out further analysis of COVID-19 on the civil aviation sector.

Management said that this action, together with a range of cost control measures, would strengthen the firm’s financial position in the current climate.